AI optimism returns, with profitability still the test
Wednesday's pre-open: futures recover, CoreWeave sets a profit target, OpenAI's reported growth meets steep losses, and power-equipment earnings split.
Good morning. AI demand is back at the center of the market, but the route from growing sales to lasting profits remains the question. Here are five headlines for Wednesday, November 11.
1. Futures recover after the inflation setback
U.S. stock-index futures rose as technology shares recovered. In a 6:39 a.m. ET snapshot, S&P 500 futures were up 0.86%, Nasdaq 100 futures gained 1.9% and Dow futures added 0.11%. These are premarket indications, not opening prices. The advance extends the overnight recovery covered in First Light, while Tuesday's inflation report keeps the prospect of further Federal Reserve tightening in focus.
2. CoreWeave adds a 2028 profit timeline
CoreWeave said it expects positive adjusted net income in the first half of 2028 and for the full year. That is a company forecast using a non-GAAP measure, not a claim that the business is profitable now. Its third-quarter revenue was $3.661 billion, but the GAAP net loss was $709 million and net interest expense reached $846 million. Our post-call report separates those results from management's targets and the funding demands ahead.
3. OpenAI's reported revenue growth comes with heavy losses
OpenAI's third-quarter revenue reached about $10 billion, up roughly 50% from the prior quarter, according to Bloomberg's reporting on an investor call and a separate Wall Street Journal report described by Reuters. These are reported private-company figures, not a public quarterly filing. The Journal reported an operating loss of $10.9 billion and an adjusted operating margin of minus 109%; those loss figures are reported, not independently confirmed. Fast growth and profitability remain different questions.
4. Siemens Energy sees more room for margins
Siemens Energy forecast fiscal-2027 comparable revenue growth and a profit margin before special items of 14% to 16% each. Fiscal-2026 revenue reached EUR44.2 billion, and the company proposed a EUR2.30-per-share dividend, compared with EUR0.70 a year earlier. The dividend is a proposal, and the outlook is a forecast. The full First Light report explains the strength in gas and grids alongside the wind-business recovery.
5. Vestas narrows its outlook around the prior midpoint
Vestas reported third-quarter revenue of EUR5.677 billion and an EBIT margin before special items of 8.5%, up from 7.8% a year earlier. It narrowed its full-year revenue forecast to EUR20.5 billion-EUR21.5 billion from EUR20 billion-EUR22 billion, and its margin forecast to 7.5%-8.5% from 7%-9%. Both ranges retain their previous midpoints. The tighter ranges signal greater visibility, not an increase in the midpoint forecast; offshore execution costs remain a pressure point.
The session ahead
NYSE stocks have a regular session for Veterans Day. SIFMA recommends a full close for U.S. dollar-denominated fixed-income trading, so a carried-forward Treasury yield should not be mistaken for a fresh cash-market move. The BLS calendar lists Veterans Day rather than a new release today. Keep the distinction between demand, financing and profit in view as the AI trade rebounds.
